Perception of Online Travel Booking in

Bangladesh
 Perception of Online Travel Booking in
Bangladesh
Internship report submitted to the IBA Career Centre, Institute of Business Administration to
fulfill the degree of Bachelor of Business Administration

Submitted by:

Istiyaque Ahmed Ridoy

Roll: 27, BBA Batch: 27

Supervised by:

A.T.M. Jakaria Khan

Assistant Professor

Institute of Business Administration

University of Dhaka

Submission date: 25 March 2023

25.03.2023

The Coordinator
IBA Career Center
Institute of Business Administration
University of Dhaka

Subject: Submission of the Internship Report on ‘Perception of Online Travel Booking in

Bangladesh’

Dear Sir,

I hereby submit the report titled ‘Perception of Online Travel Booking in Bangladesh’ as a part
of the internship program to fulfill the degree of Bachelor of Business Administration at the
Institute of Business Administration, University of Dhaka. I have completed my 8-week
organizational attachment period at GoZayaan Limited, a leading Online Travel Agency.

I have prepared this internship report under the supervision of Mr. A.T.M. Jakaria Khan,
Assistant Professor, Institute of Business Administration, University of Dhaka. His invaluable
insights and suggestions have helped me fulfill the objective as well as the requirements of my
internship report.

Sincerely Yours,

________________

Istiyaque Ahmed Ridoy

Roll: 27, BBA Batch: 27

IBA, University of Dhaka

 Institute of Business Administration (IBA)
University of Dhaka
IBA Career Centre

INTERNSHIP (Session: Jan-Mar.)2023

Report Submission Form

I hereby declare that I have completed my internship report under my faculty supervisor,
A.T.M. Jakaria Khan, Assistant Professor, towards the fulfillment of the requirement for the
BBA/MBA degree following the prescribed guidelines of the internship program of IBA,
University of Dhaka.

___________________________
Signature of the Intern
Date: 25.03.2023
Name: Istiyaque Ahmed Ridoy
Batch: 27
Roll: 27

This internship report has been submitted with my approval as Academic Supervisor.

________________________________
Signature of the Faculty Supervisor
Date: 25.03.2023
Name: A.T.M. Jakaria Khan
Designation: Assistant Professor
Contents
1.0 Introduction ................................................................................................... 1
1.1 Origin of the Report ......................................................................................................... 1

1.2 Problem Statement ........................................................................................................... 1

1.3 Research Objective .......................................................................................................... 2

1.4 Rationale for Study .......................................................................................................... 2

1.5 Scope ................................................................................................................................ 2

1.6 Limitations ....................................................................................................................... 2

2.0 Methodology .................................................................................................. 3

2.1 Dependent and Independent Variables ............................................................................ 3

2.2 Data Collection Instrument .............................................................................................. 3

2.3 Methods of Data Collection ............................................................................................. 3

2.4 Questionnaire Design ....................................................................................................... 3

2.5 Sampling Technique ........................................................................................................ 4

2.6 Sample Size...................................................................................................................... 4

2.7 Reliability......................................................................................................................... 4

2.8 Validity ............................................................................................................................ 5

3.0 Literature Review ......................................................................................... 6

3.1 Tourism Industry .............................................................................................................. 6

3.1.1 Definition .............................................................................................................................. 6

3.1.2 Types of Services .................................................................................................................. 6

3.1.3 Market Size and Growth ....................................................................................................... 6

3.1.4 Employment .......................................................................................................................... 7

3.2 Online Travel ................................................................................................................... 8

3.2.1 Market Size and Growth ....................................................................................................... 8

3.2.2 Factors Affecting Online Travel Booking ............................................................................. 8

3.2.3 Top Online Travel Aggregators ............................................................................................ 9

4.0 Organization Overview .............................................................................. 12
4.1 About the Company ....................................................................................................... 12

4.2 Investment Raised .......................................................................................................... 13

4.3 Products and Services .................................................................................................... 13

4.4 Major Domestic Competitors ......................................................................................... 15

5.0 Survey Findings ........................................................................................... 17

5.1 Univariate Analysis ........................................................................................................ 17

5.1.1 Understanding the Traits of a Typical Bangladeshi Person ................................................ 17

5.2 Multivariate Analysis ..................................................................................................... 20

5.2.1 Difference in Importance of Different Factors .................................................................... 20

5.2.2 Importance of Comfortability with Online Booking ........................................................... 21

5.2.3 Importance of Security of Personal & Financial Information ............................................. 22

5.2.4 Effect of Price and Discounts .............................................................................................. 23

5.2.4 Effect of Demographic Variables ........................................................................................ 25

5.2.5 Factors that are Similarly Important Across Different Likeliness to Book ......................... 26

6.0 Recommendations ....................................................................................... 28

6.1 Potential Impact on Online Travel Booking .................................................................. 28

6.2 Future Research ............................................................................................................. 29

7.0 Conclusion.................................................................................................... 30

8.0 References ..................................................................................................... A

9.0 Appendix ....................................................................................................... D

List of Figures
Figure 1: Global Inbound Tourism Expenditure ........................................................................ 7
Figure 2: Market Cap of the Top 10 OTAs in the World .......................................................... 9
Figure 3: Top 10 OTA Websites by Number of Visits ............................................................ 10
Figure 4: GoZayaan Using the Global Distribution System .................................................... 14
Figure 5: Distribution of Respondents by Frequency of Travel .............................................. 17
Figure 6: Distribution of Respondents by Purpose of Travel .................................................. 17
Figure 7: Distribution of Respondents by Likeliness to Purchase ........................................... 18
Figure 8: Distribution of Respondents by Comfortability with Online Booking .................... 18
Figure 9: Average Importance of Factors Affecting Online Travel Booking Decision .......... 19
Figure 10: Distribution of Respondents by Situation Where Offline Agent is Preferred ........ 19
Figure 11: Difference in the Importance of Factor by Likeliness to Book .............................. 20
Figure 12: Relation between Likeliness to Book and Comfortability with Online Booking... 21
Figure 13: Relation between Likeliness to Book and the Perception of Security ................... 22
Figure 14: Distribution of Respondents Based on Perception of Security .............................. 22
Figure 15: Importance of Price and Discounts on Consumer's Mind ..................................... 23
Figure 16: Respondent's Tendency to Choose Offline Agent due to Low Cost ...................... 24
Figure 17: Relation between Income and likeliness to book ................................................... 25
Figure 18: Average Likeliness to Book by Age Groups .......................................................... 25
Figure 19: Increasing Tendency of Traveling for Work in Higher Income Groups ................ 26
Executive Summary
Tourism is a major revenue-generating industry around the globe. The market has been
growing rapidly in the past decade and is predicted to grow in the future. The same is true for
Bangladesh as well. The travel and tourism industry in Bangladesh will be further
revolutionized by the rapidly increasing internet penetration rate, the advent of local OTAs,
and the increasing adoption of online travel booking platforms. For a demography that is yet
to adapt to online transactions fully, the following study attempts to understand the perception
of online travel booking among the people of Bangladesh.

Previous pieces of literature have shown that different factors can affect the likeliness of
adopting an online travel booking process. Price, convenience, the time required to purchase,
information security, and many other factors have been explored in earlier research. Different
researchers came to different conclusions even for the same set of factors. Hence, it can be
assumed that a certain set of factors might be important uniquely to the demography of
Bangladesh.

An understanding of the Bangladeshi people’s perception of online travel booking can be of

much value to the local OTAs like GoZayaan. GoZayaan Limited is one of the largest OTAs
in Bangladesh. The company has been serving its customers with online flight booking, hotel
booking, and tour booking services among many others. For GoZayaan, a company that aims
to provide localized travel services to its customers, the findings from this study can be helpful.

The study was performed on the people in Bangladesh who are active in the digital space, by
administering a survey. By analyzing the data of the respondents, it has been found that the
convenience of booking was the most important factor on average. Low prices or fares, on the
other hand, seemed to be a necessary point-of parity for the customers and not a point of
difference, that would motivate customers to book online. Personal and financial information
security concerns showed to have a significant negative impact on the potential customer base.
The importance of providing personalized services and keeping price low has been highlighted
in the report. Furthermore, the high-income groups were the more likely group to perform
travel booking online.

Based on these findings, the local OTAs or any other OTAs that wish to operate in the
Bangladeshi travel market can make better decisions by offering specific solutions for their
potential customers.
1.0 Introduction
The total revenue from the travel and tourism market in Bangladesh was USD 1,728 million in
2019 which came from hotels, package holidays, vacation rentals, and other market segments
(Statista, 2023a). In the same year, the international tourism receipts for the country were USD
391 million representing a 9.5% growth from the previous year, and 400 percent growth over
the last decade (World Bank, 2023a). These figures demonstrate the potential for growth in
Bangladesh's travel and tourism industry, as the country continues to develop its infrastructure
and attract more visitors. Within this market, 3 to 5% of offline customers are going to convert
into online customers every year (Statista, 2023a). Other factors related to online travel booking
also seem favorable. 25% of individuals in Bangladesh used the internet in 2020, compared to
a mere 5% in 2011 (World Bank, 2023b). Furthermore, different Online Travel Tech
companies have come into being over the past few years which would disrupt the existing
market dominated by offline travel agents, individual hotels, and airlines in Bangladesh. That
is, both the travel market and the online share within this travel market is growing in this
country.

1.1 Origin of the Report

The report titled ‘Perception of Online Travel booking in Bangladesh’ has been prepared to
fulfill the requirement of the internship program of BBA at the Institute of Business
Administration, University of Dhaka. This report is the result of the 8-week organizational
attachment of the author from 15.01.2023 to 11.03.2023 at GoZayaan Limited. The objectives,
method of research, analysis of data, and preparation of the report have been supervised by A.
T. M. Jakaria Khan, Assistant Professor, Institute of Business Administration, University of
Dhaka.

1.2 Problem Statement

Conducting research on the perception of online travel booking is a crucial step for several
reasons. It is essential to understand how Bangladeshi consumers perceive booking travel
online, given the growth of the travel market and the availability of online travel booking
services. By analyzing consumer perceptions, travel companies can adapt their marketing
strategies and improve their online booking platforms to meet customer needs and expectations.
Conducting such research can help identify potential adoption barriers. For example, some

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consumers may be hesitant to book travel online due to concerns about security, reliability, or
ease of use. Identifying these barriers can help travel companies address these concerns and
increase online adoption rates. In this continuously evolving market, a better understanding of
the customers’ needs can be key to competitive advantage, customer satisfaction, and growth
of the company in the travel industry. Hence, the problem statement is “understanding the
perception of online travel booking among the people of Bangladesh present in the digital
space”.

1.3 Research Objective

The broad objective is to understand the perception of people about online travel booking in
Bangladesh. This can be done by achieving the following specific objectives:

1. Understanding customer behaviors in the travel industry.

2. Understanding customer behaviors in the online space.
3. Finding out the concerns and barriers for the customers in adopting the online travel
booking process.

1.4 Rationale for Study

The study will help the online travel companies operating in Bangladesh to have a better
understanding of the customer base they want to serve. It will be easier for them to address the
pain points of the customers and generate more demand for online travel booking by meeting
their needs.

1.5 Scope
The scope of the study encompasses people active in the online space. This has been done
intentionally to filter out the people who are more likely to perform online bookings. It is
because such people have access to the internet and a device to complete an online booking
and that they are familiar with the digital space.

1.6 Limitations
The scores and ratings for different factors were directly provided by the respondents. Such
self-reported ratings may not truly reflect the actual needs and concerns of the people and may
include socially desirable responses.

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2.0 Methodology
The study is conducted using a mix-methods approach including both qualitative and
quantitative data collection methods. A survey was administered to a sample of individuals in
Bangladesh who are active in the digital space. The survey included questions to gather
information about participants’ perceptions of online travel booking.

2.1 Dependent and Independent Variables

In this study, the dependent variable is the likeliness to book travel online. All other variables
are considered independent variables which the perception of the likeliness to book depends
on. The independent variables include the demography-related data, as well as their perception
of other online travel booking-related factors based on existing literature.

2.2 Data Collection Instrument

A self-administered questionnaire with close-ended questions has been used as the primary

data collection instrument for this descriptive study.

2.3 Methods of Data Collection

Both primary and secondary data were collected for this study. Primary data was obtained
through an online survey that included close-ended questions. Secondary data was sourced
from various journals, websites, and newspaper articles to gain insights into the current state
of the industry and established practices.

2.4 Questionnaire Design

The questionnaire had 12 questions in total, 8 of which were related to the perception of online
travel booking, and the rest were related to the demography of the respondents. The
questionnaire contained questions of the following formats:

a) 5-point Likert scale

b) Checklist of different items.

c) MCQ questions

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2.5 Sampling Technique
In this study, a simple random sampling method was used to select participants.

2.6 Sample Size

The following formula can be used to determine the sample size for the survey (Cochran,
1977).

𝑁 × 𝑧2 × 𝑝 × 𝑞
𝑛 =
(𝑁 − 1) × 𝑒 2 + 𝑧 2 × 𝑝 × 𝑞

Where:

n = sample size (to be determined)

N = population size

z = z-score or standard normal deviate

p = expected proportion or proportion of interest

q=1–p

e = desired margin of error

The population size is the approximate population of Bangladesh. The proportion of interest,
p is 25% or the percentage of people who use the internet in the country. The z-score is 1.645
for a 90% confidence level. The desired margin of error is 10%. By using the formula, we get
the required sample size of n = 50.74 ≈ 51. In this case, the total number of responses
collected was 54, which is greater than the minimum required limit.

2.7 Reliability
The Cronbach’s alpha was calculated with the following formula.

𝐾 ∑𝑘𝑖=1 𝜎𝑦2
𝛼= × (1 − )
𝐾−1 𝜎𝑥2

Where:

K = Number of items in the scale

𝜎𝑦2 = Variance of scores for each item

𝜎𝑥2 = Variance of total scores for all items

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α = Cronbach’s Alpha (to be determined)

We get α = 0.847 for the questionnaire. Hence, the data collected for the different questions are
reliable.

2.8 Validity
The questions are based on the existing pieces of literature and include factors related to Online
Travel Booking that has been mentioned by earlier scholars working in this field. Therefore,
the questions are valid.

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3.0 Literature Review
3.1 Tourism Industry
3.1.1 Definition
Tourists are people who choose to visit a different environment and engage in activities,
regardless of the distance to their normal surroundings, and their activities are known as
tourism (Camilleri, 2018). Multiple reasons for traveling have been identified, including self-
actualization, learning about other people and places, private and public social affiliations,
arousal, and escape (Tasci & Ko, 2017). Travelers also can be categorized into two broad types
based on their motivations as personal motives and business motives (Camilleri, 2018).

3.1.2 Types of Services

The tourism industry can be divided and subdivided into a few categories. The major players
in the tourism industry include accommodation and catering, transportation, tourism
information centers, travel agents and tour operators, online travel services, and travel
aggregators (Dash & Sharma, 2018). The accommodation and catering include all the hotels
and restaurants and the spending associated with them. The transportation sector includes
flights, cruises, cars, etc. Some people arrange an entire tour for their customers, who fall under
the travel agents or tour operator category. Furthermore, there is software also known as
aggregators that aggregates travel information online and allows its users to directly book their
travel-related services from numerous options.

3.1.3 Market Size and Growth

The travel and tourism sector represented 10.3% of the global GDP in 2019. Although the
percentage share dropped to 6.1% by 2021 owing to COVID -19 it is on its way to rebound
soon (Statista, 2023b). In Bangladesh, the tourism direct gross domestic product (TDGDP) in
2018-19 was BDT 767 billion, or 3.02% of the total GDP (BBS, 2021). It can be easily
understood that once the tourism share of GDP in Bangladesh matches the global standard, the
tourism industry in Bangladesh will be much more lucrative to the players in this industry.

World passenger traffic experienced growth in 2016 at a rate of 6.3%, which is slightly lower
than the growth rate of 7.1% recorded in the previous year (ICAO, 2016). This indicates that
the passenger traffic sector continued to expand in 2016 and that the industry is still performing
well and attracting more people to travel. At the same time, the worldwide capacity for air

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transport increased by 6.4% with the Asia-Pacific region accounting for the highest share of
the capacity (ICAO, 2016).

There were 1.47 billion inbound international tourist arrivals in 2019. Although the number
dropped to 409 million in 2020 due to covid, it quickly got back up to 917 million in 2022. The
receipts per arrival were USD 1291 in Bangladesh just slightly below the global average of
USD 1366 in 2020. The receipts per arrival reached an all-time high of USD 1401in 2021
(UNWTO, 2023).

Inbound Tourism Expenditure

1.6
1.4
1.4

Affected by COVID-19
1.2
USD (in Trillions)

1.0

0.8

0.6

0.4

0.2

0.0
1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021
Year

Figure 1: Global Inbound Tourism Expenditure

Source: UNWTO (2023)

3.1.4 Employment
On a worldwide scale, the travel and tourism business is a large industrial sector that fosters
social progress, employment growth, economic development, and world peace. Across the
world, a sizable number of people rely on this industry for work. The industry is not just the
main employment but also, in certain island economies, the only employer. In 2017, Travel &
Tourism was responsible for providing direct employment to over 118 million people, which
accounted for 3.8% of the total global employment (WEF, 2017). The research also indicated
that the arrival of every 30 new tourists in a destination creates one new job opportunity. The
report predicts that direct employment in the Travel & Tourism industry is expected to increase

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by 2.4% in 2018 and continue to grow by 2.2% annually, reaching 150 million jobs, or 4.2%
of total employment, by 2028 (ICAO, 2018). When considering the impacts, the Travel &
Tourism sector supported a total of 289 million jobs in 2021, an increase of 18.2 million
compared to the previous year. This number represents that 1 in 11 jobs in the world belongs
to the travel & tourism sector (WTTC, 2022). It is also mentionable that around 25% of all the
global net new jobs were created in the Travel & Tourism sector between 2014 and 2019
(WTTC, 2022).

3.2 Online Travel

3.2.1 Market Size and Growth
The global market size for online travel is estimated to be $354.2 billion in 2020, and it is
further predicted to reach $1,835.6 billion by 2031, through a CAGR of 14.8% between the
years (Anil & Roshan, 2022). The online travel market has witnessed rapid growth in recent
years due to the increasing use of the internet and mobile devices for travel bookings. The
convenience and flexibility of online booking have led to a significant shift in consumer
behavior, with a growing number of travelers preferring to make their travel arrangements
online. The emergence of OTAs has resulted in a shift in customer behavior towards booking
hotels through OTAs due to easy comparison, one-stop shopping, and access to small
independent hotels and hostels (Lv, Li, Xu, & Yang, 2020). The online travel market is highly
competitive, with a large number of players ranging from online travel agencies (OTAs) to
meta-search engines, airlines, and hotel booking sites. Around 66% of all the revenue from the
global travel and tourism market comes from online sales (Statista, 2022). Hence, companies
are constantly innovating and improving their services, offering personalized travel
experiences, and leveraging technologies such as artificial intelligence and machine learning
to stay ahead in the race.

3.2.2 Factors Affecting Online Travel Booking

Online travel booking is influenced by many variables. People who have more experience with
the internet and spend more time online were found to be more likely to book travel online
(Kah, Vogt, & Mackay, 2008). Similarly, experience with traveling can translate to better
chances of purchasing online (Jensen, Shopping orientation and online travel shopping: The
role of travel experience, 2012). However, the reverse was also found true; spending more time
online (Jensen, 2009) or a high frequency of travel (Beldona, Racherla, & Mundhra, 2011) did
not increase the likeliness of online travel booking. Therefore, the people of Bangladesh might

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show a pattern of behavior specific to this demography. Attitude towards online shopping is
important as well for online travel bookings. It has been recommended to make the customers
fully realize the key aspects of any online shopping service to influence their online travel
booking behavior (Lee, Qu, & Kim, 2007). Therefore, understanding the general perception of
the Bangladeshi population towards online shopping may lead to understanding the perception
towards travel booking as well. Convenience is an important factor for a certain type of people
for online travel bookings. It has been found that there is an indirect relationship between
convenience and the likeliness to purchase online (Jensen, 2009). Another study has
determined that price saving or personalization benefits did not motivate users to book travel
online (Jensen, Shopping orientation and online travel shopping: The role of travel experience,
2012). Many of the earlier works suggest that privacy concerns exist during online shopping.
It is one of the main problems that demotivate customers from making online purchases
(George, 2004). Removing personal and financial privacy concerns may prove to be key to
increasing the online travel penetration rate. There is a debate about whether the price is an
important factor or not. While some researchers have pointed out that price is indeed something
that motivates customers to look for online options (Kim, Kim, & Han, 2007) others have found
the price to be not as important as privacy and safety factors (Ku & Fan, 2009). Online travel
websites lacking personalization can be a turnoff for some customers. It has been pointed out
as one of the reasons for not completing online travel bookings (Wolfe, Hsu, & Kang, 2004).

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3.2.3 Top Online Travel Aggregators

Market Cap (Top 10)

78.17
Airbnb 54.14
22.08
Company Name

Expedia 13.67
2.90
Webjet 1.61
0.51
Trivago 0.49
0.34
On the Beach 0.31
0 20 40 60 80 100
Market Cap (in billion USD)

UK Argentina Germany Spain Australia India China US

Figure 2: Market Cap of the Top 10 OTAs in the World

Source: Statista (2023)

The global online travel market is dominated by only a few OTAs. There are only 6 companies
with a market cap of over 1 billion USD, namely Booking.com, Airbnb, Trip.com, Expedia,
MakeMyTrip, and Webjet (Statista, 2023c). Most of these companies are based in the US.
Millions of users visit their websites every month. The total number of visits for booking.com,
the most visited OTA, was more than that of the next 7 OTA sites combined in January 2023
(Statista, 2023d).

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 Number of Visits in January 2023 (Top 10)

booking.com 563.8

tripadvisor.com 161.4

airbnb.com 105.8

expedia.com 92.2
Website Name

agoda.com 78.8

southwest.com 66.5

jalan.net 59.9

uber.com 59.1

aa.com 59.0

vrbo.com 57.8

0 100 200 300 400 500 600

Number of website visits (in millions)

Figure 3: Top 10 OTA Websites by Number of Visits

Source: Statista (2023)

The tourism sector in Bangladesh is essential for the economy. In recent years an increase in
earnings for the sector has been seen. Technology has changed the way the tourism industry in
Bangladesh operates as a result of rising travel interest. More urban travelers are using online
travel services to book flights, and hotels, and locate pertinent information as a result of the
growth of OTAs, which has had a substantial impact on consumer behavior. According to
industry experts, the market share of OTAs in Bangladesh has increased from being almost
nonexistent just a few years ago to about 5% to 20% now, with well-known OTAs like
GoZayaan, Flight Expert, and ShareTrip each accounting for a sizeable chunk of the market
(IDLC, 2021). In Bangladesh, the travel technology sector has grown slowly, although the trend
toward online booking has accelerated with the appearance of OTAs. Domestic travel increased
around four times between October 2020 and January 2021, emphasizing the popularity of
online bookings (IDLC, 2021). Overall, Bangladesh's tourism sector has a lot of room to
expand and improve with the help of technology.

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4.0 Organization Overview
4.1 About the Company
GoZayaan is a pioneering travel-tech platform based in Bangladesh that provides a unified
solution for multiple travel requirements. It has integrated technology with travel services to
offer an online travel booking service. GoZayaan has expanded its operations to two countries,
Bangladesh and Pakistan, to cater to the travel needs of the local population. It also has a sub-
brand named “Hometown” for the people in Singapore. Furthermore, the company is looking
forward to entering multiple other countries in south and southeast Asia.

Established in 2017, GoZayaan has introduced several innovative services, including a

streamlined online booking service that enables customers to easily book flights, hotels, tours,
and other travel-related services. The company has been a trailblazer in transforming the travel
experience for locals by providing exceptional core services and prompt customer support. The
company's flexibility and convenience have enabled it to gain widespread popularity in the
tourism landscape.

GoZayaan's success can be attributed to its customer-centric approach, where it strives to

provide hassle-free and cost-effective travel solutions to its customers. It has successfully
leveraged the power of technology to improve the travel experience for customers, making it
easier for them to book travel services. The company's commitment to providing high-quality
services has enabled it to establish a strong foothold in the competitive travel industry.

Overall, GoZayaan's innovative and comprehensive approach to travel has made it a leading
player in the travel-tech industry. Its customer-focused approach, cutting-edge technology, and
exceptional services have made it a popular choice for travelers.

After it was founded in 2017, GoZayaan mainly served the demand for international travel.
Furthermore, it only served the need for online flight bookings, services related to visa
processing, tour packages, and customized tours. In September 2019, the company received a
local investment from BRAC Osiris Impact Venture and a foreign investment from OS
Ventures. After the lockdown was imposed due to COVID-19, the company switched its focus
towards the untapped domestic travel market as international travel was highly limited across
the world. In 2020, the hotel booking service was introduced in GoZayaan. Initially, only
domestic hotel bookings were possible as the covid restrictions were still applicable. Later on,
international hotel bookings were also possible; GoZayaan became the first Bangladeshi OTA

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to have partnered with the global OTA giant, booking.com allowing more than a million hotels
to be directly booked through GoZayaan. In 2021, it introduced the bus ticket booking service
on its platform. GoZayaan went through its rebranding event in January 2022, where its new
logo was unveiled and the company motto was changed from “Go Flexible, Go Zayaan” to “Go
Limitless, GoZayaan”. This is how the company describes itself:

“GoZayaan is a travel company on an endless journey to make traveling

simpler with tech-enabled solutions. We are driven by the goal to ensure
that travelers can go limitless on their quest of exploring the world. With
limitless features and benefits- we are on our journey to provide limitless
solutions to travelers, so they can go limitless on their adventures.”

In the following month, the company acquired a FindMyAdventure from Pakistan and made
its first expansion outside the country. It also released its android and iOS app in 2022 to
facilitate travel booking for its app-loving consumer base.

4.2 Investment Raised

As a startup, GoZayaan has raised funding from multiple investors in the past few years. The
following is a highlight of the key investments.

Announced Transaction Number of Money Lead Investors

Date Name Investors Raised
25-Oct-22 Seed Round Undeclared $4.6M Undeclared
16-Feb-22 Seed Round 3 Undeclared Undeclared
30-Sep-21 Seed Round 6 $2.6M Wavemaker Partners
30-Nov-20 Pre Seed 1 Undeclared 1982 Ventures
Round
1-Jun-19 Pre Seed 2 $850K OS Ventures, The Osiris
Round Group
Total = $8.1M

Source: Crunchbase (2023b)

4.3 Products and Services

GoZayaan introduced multiple products and services since it was founded in 2017. The
currently available ones include the following:

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Flight: The platform offers its customers the convenience of booking both domestic and
international flights, with options for one-way, round-way, or multi-city flights. Customers can
filter available flights based on various metrics such as layover time, airlines, airport, price
range, and schedule.

There are thousands of airports all around the world. More than one airline provides its services
in these airports. GoZayaan can book flight tickets for its customers from this large pool of
options through GDS. GDS or Global Distribution System is a type of network system that acts
as a connection between travel service providers and travel agents. The airlines themselves are
unable to sell and market their service to the global air traveling population by themselves.
Hence they also profit by allowing GDS companies who act as a middleman to sell flight tickets
on their behalf. The customers of GoZayaan flight products are benefitted by being able to
purchase flight tickets in their local currency as well as by availing of the various offers and
deals provided by GoZayaan.

Airline 1 Airline 2 Airline 3 Airline 4 Airline 5 Airline 6

GDS 1 GDS 2 GDS 3

GoZayaan

Figure 4: GoZayaan Using the Global Distribution System

Hotel: GoZayaan has the largest directory of domestic hotels and resorts in Bangladesh, and
customers can search and filter based on their desired stay, pricing, and available facilities.

For most domestic hotels, GoZayaan maintains direct communication with a few hundred
hotels in the country directly. The sales and acquisition team continuously works to keep hotel
rooms available for customers. GoZayaan attempts to bring the best deal for its customers by
bringing the best rate, and the most demanded rooms. GoZayaan lists its hotels and resorts with
proper details and information about the hotel facilities, room amenities, check-in and check-

14 | P a g e
out time, hotel policies, and all other relevant information that can help a person make a good
decision while booking hotels. For international hotels, GoZayaan can use hotel room
inventories from third-party suppliers. Thus, a user will find nearly all of the good options for
staying around the globe through GoZayaan.

Tour: The platform also offers tour plans for popular tourist destinations, with the ability to
customize itineraries based on customer preferences if required.

The service itself is quite complex given that tour packages usually consist of different options
and sub-options. Yet, GoZayaan can properly give the customers the ability to select from them
through their platform. There is also the option for requesting a tour. Once a tour is requested
the tour team tries to build a tour package according to the needs of the customer and gets back
to them.

Travel Loan: In collaboration with IPDC Finance Ltd, GoZayaan offers a Travel Loan that
allows users in Bangladesh to cover their travel expenses. With this loan, individuals can enjoy
travel privileges and repay the loan amount in monthly installments. Interested users can apply
for this loan online, and if their application is approved, the loan amount is processed within 3
days. This service also includes an EMI option with a 0% interest rate for up to 6 months.

4.4 Major Domestic Competitors

Flight Expert: Flight Expert is an online travel agency that was established in 2016. It aims to
provide online booking services for local and international flights as well as hotel reservations.
It currently holds approximately 35% market share in the OTA booking segment in
Bangladesh. The company operates globally with listings for about 250,000 hotels and over
600 airlines. It has successfully reached out to people over the internet and smartphones and is
considered one of the top OTAs in Bangladesh. It has no record of funding and investments
(Crunchbase, 2023a).

ShareTrip: ShareTrip is a prominent online travel aggregator that aims to simplify the travel
booking process for its users. It was originally founded as Travel Booking BD in 2014, with a
vision to enhance convenience and accessibility in the travel industry. With the advent of its
new, innovative, and user-friendly mobile application, ShareTrip has transformed the way
travel services are accessed and booked. This dynamic platform provides access to thousands
of holiday packages and enables customers to effortlessly book flights and hotels. In addition,
ShareTrip offers exciting games and rewards, such as free trips and air tickets, to make the

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travel booking process more enjoyable for users. Furthermore, users can earn TripCoin by
playing games and booking travel services, which can be utilized for future discounts. The
company went through 3 funding rounds raising USD 4.5 million.

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5.0 Survey Findings
5.1 Univariate Analysis
5.1.1 Understanding the Traits of a Typical Bangladeshi Person

Frequency of Travel
18 17

16
14 14
14
12
10
8
6
6
4 3

2
0
Every week Once every Once every Once every 6 Once in a
month quarter months year

Figure 5: Distribution of Respondents by Frequency of Travel

Most people in Bangladesh are likely to travel every few months. The number of people who
travel at a very high frequency is quite low.

Purpose of Travel

Personal growth and education 13%

Escaping and self-discovery 19%

Work and career 44%

Family and social 57%

Leisure and recreation 65%

0% 20% 40% 60% 80% 100%

Figure 6: Distribution of Respondents by Purpose of Travel

Leisure and recreation was the most common purpose of travel as found in 65% of the
respondents. The least common purpose was personal growth and education.

17 | P a g e
 Likeliness to Purchase
18 17
16
14 13
12
12
10
8 7
6 5
4
2
0
Very Unlikely Unlikely Neutral Likely Very Likely

Figure 7: Distribution of Respondents by Likeliness to Purchase

People are slightly more inclined towards booking travel online than not. Then again, this
distribution demonstrates what people think about their likelihood of booking in the future. It
does not indicate whether they are currently online customers or not. For broad categorization,
we will be considering only those who mentioned “Likely”, and “Very Likely” in their
responses as the “likely” group of respondents. Participants responding “Very Unlikely”,
“Unlikely”, and “Neutral” will be considered as the “unlikely” group of respondents.

Comfortable with Online Booking

20
18
18
16
14 13
12
10
10 9
8
6
4
4
2
0
Very Uncomfortable Neutral Comfortable Very
Uncomfortable Comfortable

Figure 8: Distribution of Respondents by Comfortability with Online Booking

People consider themselves very comfortable with online travel booking. It is interesting
because the number of people who are likely to book online is almost identical to the number
of people who are comfortable with the digital space. However, a smaller number of people
are uncomfortable with online booking than there are people unlikely to book.
18 | P a g e
 Importance of Factors

Convenience of Booking 3.59

Trust in the website/company 3.37

Time Required to Book 3.35

Special Discounts/Offers 3.24

Low Price/Fare 3.19

Personalized Service 2.81

Complex trips (multiple destination etc.) 2.26

1 2 3 4 5

Figure 9: Average Importance of Factors Affecting Online Travel Booking Decision

The chart above shows the average ratings for the importance of each factor in online travel
booking. Clearly, the convenience of booking was the most important factor for the respondents
in considering online booking. At the same time, the respondents do not think that complex
trips with multiple destinations are a barrier to booking online. They also do not look forward
to getting personalized service during online travel booking.

Situations When Offline Agent is Preferred

When needing personalized

54%
recommendations or advice

When the cost is the same or lower 37%

When the trip is more complicated or

31%
involves multiple destinations

When the destination is unfamiliar 31%

0% 10% 20% 30% 40% 50% 60%

Figure 10: Distribution of Respondents by Situation Where Offline Agent is Preferred

Needing personalized recommendations seem to be the greatest enemy of online booking.

OTAs usually provide the customers with a set of options, with less opportunity for
customization. OTAs can be a good choice when booking a flight or a room from a known
hotel. However, when a specific requirement of the customer needs to be fulfilled, they would
turn to offline travel agents for advice.
19 | P a g e
5.2 Multivariate Analysis
5.2.1 Difference in Importance of Different Factors

Average Importance of Facors

Trust in the website/company 3.2 3.52

Time Required to Book 2.92 3.72

Special Discounts/Offers 3.04 3.41

Personalized Service 2.56 3.03 Unlikely

Likely
Low Price/Fare 3.16 3.21

Convenience of Booking 3.36 3.79

Complex trips (multiple destination etc.) 2.04 2.45

1 2 3 4 5

Figure 11: Difference in the Importance of Factor by Likeliness to Book

The customers were classified into two categories, based on how they rated their likelihood to
book online. The chart above shows the difference between the perceived importance of the
various factors. Among the various factors, the importance of “time to book” was the most
different between the two groups. It means that the proposition of spending less time booking
online is going to be attractive to a Bangladeshi user. The next most differentiating factors were
personalized services and the convenience of booking. The importance price or fare was similar
for those who are likely and unlikely to book online. Complex trips were not an influencing
factor for online travel for either the likely or the unlikely to book travel, online groups.

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5.2.2 Importance of Comfortability with Online Booking

Likeliness to Book vs Comfortability

with Online Booking
6
R² = 0.4607

Comfortable with Booking Rating 5 1 3 9

4 1 1 2 11 3

3 3 5 2

2 2 4 2 1

1 1 2 1

0
0 1 2 3 4 5 6
Likeliness to Book

Figure 12: Relation between Likeliness to Book and Comfortability with Online Booking

People who are not comfortable with booking online are less likely to book than those that
were comfortable. It means, even after offering good airfares, or discounts on hotel booking,
the customers may not purchase travel services online if they are not comfortable with it. OTAs
can attempt to familiarize the customers with the online booking process first to increase their
chances of booking. As shown in the chart, a strong positive correlation of +0.68 has been
found between the likelihood of online travel booking and the mentioned factor.

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5.2.3 Importance of Security of Personal & Financial Information

Perception of Security and

Likeliness to Book
6
R² = 0.3172
5 3

Perception of Security 4 1 9 5

3 3 2 4 2 2

2 1 5 1 4 2

1 3 5 2

0
0 1 2 3 4 5 6
Likeliness to Book

Figure 13: Relation between Likeliness to Book and the Perception of Security

Customers were asked about how secure they thought their personal and financial information
was in the digital space. The responses show that there exists a medium positive correlation of
+0.56 between the perception of security and the likeliness to book. This means that companies
must first make themselves trustworthy to their potential customers to motivate travelers to
book online.

Perception of Security

34% have positive

perception about security 6%
18%
1
28% 2
3
4
24%
5

24% 42% have negative

perception about security

Figure 14: Distribution of Respondents Based on Perception of Security

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To fully understand the impact of such a relation between the perceived lack of security of
personal and financial information, the chart above can be used. Most people in our survey
responded negatively about their perception of information security in online space. At the
same time, the share of people who have really high trust in the security of e-commerce
platforms is only 6%, compared to 18% of people who are strongly against the thought of
online information security. These figures translate to why Bangladeshi people might be slower
to adopt online travel.

5.2.4 Effect of Price and Discounts

Low Price/Fare Special Discounts/Offers

1 6 5 1 6 2

2 2 5 2 4 4
Rating

Rating

3 7 6 3 3 10
Likely
Unlikely
4 2 5 4 7 6

5 8 8 5 5 7

-10 -5 0 5 10 -10 -5 0 5 10 15
Frequency Frequency

Figure 15: Importance of Price and Discounts on Consumer's Mind

At first glance, no clear difference between people who are likely to book and those who are
not is visible for a low price or special discounts and offers. For the rating given on the
importance of these factors, we see a nearly equal distribution of people from each group. In
fact, the importance of price or fare had one of the weakest correlations with the likeliness to
book, –0.02. In addition to that, a +0.78 correlation between the two factors (price and
discounts) reveals that the people who had low regard for prices also had low regard for special
offers. Hence, price is not an important factor in motivating people to complete their travel
bookings online.

23 | P a g e
 Offline Booking When Lower Cost is
Incurred
100%
90%
80% 35%
70%
65%
60%
50%
40%
30% 65%
20%
35%
10%
0%
No Yes

Likely Unlikely

Figure 16: Respondent's Tendency to Choose Offline Agent due to Low Cost

However, the chart above tells a slightly different story. If a person finds an option with a lower
price, the individual would rather choose an offline travel agent over online booking. The
implication here is that, while lower prices do not motivate a person to book travel online,
OTAs cannot afford to be pricier than their offline counterparts. That is, low price is a must-
have point of parity for the OTAs and not a point of difference that will motivate customers to
book online. Therefore, the OTAs will have to continue offering lower prices not for
encouraging online travel, but for stopping the customers from getting discouraged while
booking online.

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5.2.4 Effect of Demographic Variables

Income and Likeliness to Book

7 R² = 0.2053

5
Income Rank

0
0 1 2 3 4 5 6
Likeliness to book

Figure 17: Relation between Income and likeliness to book

As specific income was not collected, the income ranges were ordered and assigned a rank with
1 as the lowest, and 6 as the highest. A medium correlation of +0.45 was found between age
and likeliness to book. It means that people that earn more monthly are more likely to use
OTAs.

Likeliness by Age Group

5 4.83

4
3.41

3 2.62

1
Young Adult Adult Middle and Old Age
(18-25) (26-44) (45 and above)

Figure 18: Average Likeliness to Book by Age Groups

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After collecting the age-related information, the participants were classified into 3 groups in
line with the age groupings used by Peng et al. (2020). On average, the older population rated
their likelihood to book online higher than the younger ones. The difference in ratings between
the age groups was significant as well. It is to be noted that, a strong positive correlation of
+0.76 between income rank and age rank was found. This is logical, as in most cases people
have a higher income as they age due to different circumstances. However, this makes it
difficult to identify whether age alone is responsible for a higher likeliness to book travel
online, or the associated increase in income level that comes with aging is responsible for it.

100%
90%
30%
80%
70% 58%
60% 78%
50%
40%
70%
30%
20% 42%
10% 22%
0%
0 - 50 Thousand 50 - 100 Thousand More than 100
Thousand

Does not Travel for Work & Career Travels for Work & Career

Figure 19: Increasing Tendency of Traveling for Work in Higher Income Groups

People who have a higher income often travel with work and career in mind. As seen from the
survey responses, the ratio for traveling for work and career purposes almost reverses with the
increase in income

5.2.5 Factors that are Similarly Important Across Different Likeliness to Book
The following is the list of variables that seemed to have no difference based on the likeliness
to book.

Variable Correlation Remarks

Trust in the Website or +0.04 Trust in the website or company was not a
Company differentiating factor between the likely and
unlikely group of respondents

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Turning to an offline travel +0.06
agent when needing personal
recommendations
Convenience of Booking +0.06
Most people regardless of whether they are
likely to book or not will turn to a travel
agent when needing personal
recommendations
Convenience seems to be the most important
factor, and this belief will be held true for
both the likely and unlikely groups of people.

27 | P a g e
6.0 Recommendations
The following recommendations can be made for an OTA operating in Bangladesh.

1. People in Bangladesh highly value the convenience of booking when considering

whether to book travel online or not. The websites and apps of the OTAs must be very
easy to use for people.
2. The marketing communications should be about how they are an easier and less time-
consuming option when compared to the offline travel agents instead of focusing too
much on communicating the lowest fare.
3. Focus on the middle-aged and older population, having a high income for selling travel
services online as they seemed more likely to book compared to the rest. At the same
time, OTAs need to be careful in being at the top of their mind for the younger and low-
income groups, as their likeliness to book will increase as they age or get a higher
income.
4. Reestablish in the mind of the consumers that online transactions are completely
secured and that it protects personal and financial information. The belief that digital
space is not secure among Bangladeshi consumers seemed to be one of the main barriers
to adopting online travel booking.
5. Provide personalized recommendations through the OTA’s sites or apps. By analyzing
the previous patterns, customized deals and offers can be provided, and travel
destinations that are more suited to an individual can be suggested. This will prevent
consumers from turning to offline travel agents to some extent.
6. Try to cater to the work and career needs of people of higher income groups. OTAs can
create specific plans for business travelers, who travel regularly.

6.1 Potential Impact on Online Travel Booking

The OTAs operating in Bangladesh will be able to understand their potential customers better.
They will be able to focus on what is important to the customers as opposed to working on
providing benefits that are not important to them. The importance of making online platforms
in general more user-friendly, and comfortable for them has been highlighted in this report. At
the same time, improving the security of information and communicating the security to the
customers will benefit both the customers and the OTAs.

28 | P a g e
6.2 Future Research
Instead of asking about the perceptions of the respondents from themselves, determining the
actual scores for different factors or likelihood to book through indirect questions can provide
a more accurate representation of the perceptions. Possible future research directions could
investigate the factors that impact customer satisfaction with online travel booking services in
Bangladesh. The research could focus on analyzing the post-booking experience and
identifying areas for enhancing customer satisfaction. Additionally, a potential area of
investigation could be exploring the factors that influence the adoption of technology in the
context of online travel booking in Bangladesh. Technology Acceptance Models could be used
to identify factors affecting technology adoption and suggest strategies to encourage its use.
The findings of such research could be used to improve user experience and journey in online
travel booking.

29 | P a g e
7.0 Conclusion
The travel industry in Bangladesh is expanding at a rapid pace, and an increasing number of
people are choosing to book their travels online. This presents a significant opportunity for
travel tech companies to disrupt the traditional travel booking process and establish themselves
as the future of travel booking in the country. However, the market for OTAs in Bangladesh is
still in its early stages of growth. Therefore, it can be challenging for new players to capture a
significant market share without a thorough understanding of the local customer base and their
perceptions of online travel booking.

To succeed in this market, travel tech companies need to conduct in-depth research into the
specific needs and preferences of their potential customers in Bangladesh. They need to
understand how customers in the region perceive online travel booking and what factors
influence their decision-making process. By gaining insights into these key areas, companies
can tailor their offerings to meet the needs of local customers and create a compelling value
proposition that sets them apart from their competitors.

In conclusion, to succeed in this environment, travel tech companies need to conduct thorough
research and gain a deep understanding of the local market to create compelling offerings that
meet the needs and expectations of local customers. Only then can they hope to capture a
significant share of this rapidly expanding market.

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9.0 Appendix
Survey Questionnaire:

Q1. How often do you travel to a different city?

• Every week
• Once every month
• Once every quarter
• Once every 6 months
• Once a year
Q2. What are the reasons for your traveling?
 Leisure and recreation
 Personal growth and education
 Work and career
 Family and social
 Escaping and self-discovery
 Others: ____________
Q3. How likely are you to book your travel plans online?
Very Unlikely Unlikely Neutral Likely Very Likely
    

Q4. How comfortable are you with online travel booking?

Very Uncomfortable Uncomfortable Neutral Comfortable Very
Comfortable
    

Q5. How much do the following factors affect your decision to book online or offline?
Very Low Moderate High Very
Low High
Low Price/Fare     
Convenience of Booking     
Personalized Service     
Trust in the Website/Company     
Complex trips (multiple destinations,     
etc.)
Special Discounts/Offers     
Time Required to Book     

Q6. How secure do you feel when entering personal and financial information on online booking
platforms?
Not Secure Somewhat Neutral Secured Very Secured
Secured
    

Q7. In what situations would you book travel plans through a travel agent instead of online?
 When the cost is the same or lower

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  When the destination is unfamiliar
 When the trip is more complicated or involves multiple destinations
 When needing personalized recommendations or advice
 Others: _____________
Q8. What are your major online activities?
 Emailing for Work Purpose
 Social Media
 Online shopping
 Reading articles
 Online banking
 Studying
 Entertainment
 Online content creation
 Coding, Programming
 Others: _________
Q9. Age Range:
• Below 26
• 26-30
• 31-35
• 36-40
• 41-45
• 46-50
• 51-55
• 56 and above
Q10. Gender:
• Male
• Female
• Other
Q11. Profession:
• Private Services
• Government Services
• Professionals (doctors, teachers, etc.)
• Business Owners/Entrepreneurs
• Freelancers
• NGOs
• Others
Q12. Monthly Income
• 0 - 25 thousand
• 26 - 50 thousand
• 51 - 75 thousand
• 76 - 100 thousand
• 100 - 200 thousand
• 200 thousand and above

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